Q2 report 2026
Page 2
Q2 25 Q2 26
82
89
+9%
Q2 25 Q2 26
23
27
+20%
Revenue
mEUR
INTERIM REPORT Q 2, 2026
• Revenue of 89 mEUR, growth of 9%
• EBITDA before special items 2 7 mEUR, growth of 20 %, with EBITDA -
margin increasing by 2 percentage points to 30%
• Cash flow from operations before special items increased by 59% to
30 mEUR corresponding to a cash conversion of 111%
• Broad -based growth led by North America, where revenue share, tal-
ent -led media, and prediction markets drove expansion , lifting the re-
gional EBITDA margin to 26% in Q2 this year from 5% in Q2 last year
• FIFA World Cup 2026 delivered the expected business tailwind s with
NDCs growing 24% and value of deposits reaching an all -time high
• Full -year guidance maintained
EBITDA
before
special items
mEUR
Q2 report 2026
Page 3
Our vision
Q2 report 2026
Page 3
Our vision is to become the leading digital sports
media group; Better Collective owns and operates
global and national sports media, sports betting
media, and Esports & gaming communities. We are
on a mission to excite fans and foster passionate
communiti es worldwide.
Our House of Brands attracts more than 112 million
unique users, generating more than 450 million
sessions and 2.7 billion pageviews a month. Our
combined offerings include everything from
quality sports content, communities, data insights,
and apps, to vi deo content, podcast, and
innovative technology.
Q2 report 2026
Page 5
Highlights 6
Highlights after the reporting period 7
Financial targets 9
Financial highlights and key figures 10
CEO letter 11
Business review and financial performance 13
Financial performance for the period 22
Other 24
Statement by the Board of Directors and the
Executive Management 26
Condensed interim financial statements for the
period 27
Notes 31
Parent Company 40
A live webcast and presentation for Better Collective’s
stakeholders will be held on August 21
st
, 202 6, at 10:00
CET and can be joined online here .
To participate by phone , follow this link . Once signed up ,
you will receive an email with a phone number and a per-
sonal dial -in code for the call.
The presentation material for the webcast will be avail-
able after market close on August 20
th
, 202 6, via:
www.bettercollective.com
Upcoming events
• Q3 report – November 18th, 2026
• Annual report 2026 – February 24th, 2027
• Q1 report – May 19th, 2027
• Q2 report – August 18th, 2027
Table of
contents
Q 2 webcast
August 21
st
, 202 6
Q2 report 2026
Page 5
Q2 report 2026
Page 6
Highlights
Strong growth and operating
leverage in Q2
Better Collective delivered a strong Q2, with organic
revenue growth of 9% to 89 mEUR. EBITDA before spe-
cial items increased by 20% to 27 mEUR, while the
EBITDA -margin expanded by 2 percentage points to
30%, demonstrating the earnings power and scalability
of the business.
Growth was broad -based across several of Better Col-
lective ’s key strategic priorities , with North America
serving as the main engine this quarter . Strong momen-
tum in the revenue share transition (increasing 49% to 6
mEUR), alongside talent -led media and prediction mar-
kets, lifted the North American EBITDA margin before
special items from 5% to 26%, providing further proof
that the regional transition is delivering.
Sponsorship revenue increased by 39%, driven by
strong commercial momentum at Playmaker HQ and
HLTV. Demand from commercial partners seeking ac-
cess to highly engaged sports audiences remains strong,
supporting further growth and continued diversification
of the revenue base.
CPA revenue increased by 11% to 19 mEUR. In North
America, CPA revenue grew by 50% to 5 mEUR,
primarily driven by strong momentum within Prediction
Markets as competition intensified.
Better Collective also launched its AI -powered betting
solution, Playbook ™, in Brazil ahead of the FIFA Men ’s
World Cup. Initially available through X, Telegram and
Discord, the launch marks an important step in Play-
book ’s international expansion and strengthens Better
Collecti ve ’s ability to help sportsbook partners engage
and retain high -quality audiences.
The FIFA World Cup 2026 in men ’s soccer provided the
expected boost to activity across the business. Sports
Media, Betting Media and Paid Media all benefited from
strong tournament momentum, with NDCs growing 2 4%
and Value of Deposits reaching an all -time high. This
strong underlying customer activity provides a solid
foundation for future revenue share growth.
Momentum was also evident across other parts of the
business. Talent -led Media launched the new soccer
show Man On, while several Sports Media brands deliv-
ered solid underlying progress through audience
growth, stronger advertising sales and performance
marketing.
Following the strong H1 performance, organic revenue
increased by 9% and EBITDA before special items grew
by 14%, both measured in constant currencies. Full -year
guidance is maintained, with expected revenue growth
of 7 -12% and EBITDA before special items growth of 8 -
18%, both in constant currencies. The targets of 40
mEUR in share buybacks and net debt to EBITDA below
3x are also maintained.
Growth more than offset
external headwinds
The business generated approximately 11 mEUR of rev-
enue growth during the quarter, primarily driven by tal-
ent -led media, Paid Media, prediction markets and
HLTV.
This growth more than offset:
1. An approximately 2 mEUR negative impact from
the increase in UK Remote Gaming Duty from 21%
to 40%, effective from 1 April.
2. An approximately 2 mEUR negative impact from
regulatory changes in Brazil.
The sports win margin was broadly in line with Q2 2025
and therefore had no material year -over -year impact.
11 mEUR
Q2 25 Growth
(2 mEUR)
Increased UK Remote
Gaming Duty
(2 mEUR)
Brazilian Regulatory
Changes
Q2 26
82 mEUR
89 mEUR
Revenue
Q2 report 2026
Page 7
Costs increased by 5% to 62 mEUR. This entirely came
from direct costs increas ing by 3 mEUR, primarily re-
flecting higher activity around the World Cup, increased
event activity at Playmaker HQ , and increased invest-
ment in Paid Media campaigns. Staff costs declined,
while other external expenses remained broadly un-
changed.
EBITDA before special items increased by 20% to 27
mEUR, corresponding to an EBITDA before special
items -margin of 30%.
Cash flow from operations before special items was 30
mEUR , up from Q2 2025 of 19 mEUR , with a cash con-
version of 111%.
During Q2, Better Collective completed 8 mEUR of share
buybacks and 14 mEUR during H1 .
Better Collective has bank credit facilities for a total of
319 mEUR. By the end of June 2026, capital reserves
stood at 80 mEUR consisting of cash of 25 mEUR and
unused bank credit facilities of 55 mEUR .
Highlights after the
reporting period
After the quarter, Better Collective accelerated the inte-
gration of technology platforms, CMS consolidation and
content automation across its House of Brands. The
transformation also included organizational changes to
simplify operations, capture synergies and scale and
align resources with the areas offering the strongest
long -term growth potential.
On July 13 2026, Better Collective launched in Alberta ,
Canada as the province opened its regulated online
sports betting and iGaming market. Through brands in-
cluding The Nation Network, Action Network and Can-
ada Sports Betting, as well as Playbook ™ and its Paid
Media capabilities, Better Collective is positioned to
connect operators with highly engaged sports fans and
scale its North American revenue share model into a
new regulated market.
Q2 report 2026
Page 7
EBITDA before special items
23 mEUR
7 mEUR
Q2 25 Revenue
growth
(3 mEUR)
Paid Media spend and
increased event activity
Q2 26
27 mEUR
Q2 report 2026
Page 8
New Depositing Customers
increased by 24% to 373 ,000
New Depositing Customers developed strongly during
the quarter, increasing by 2 4% year over year and 21%
quarter over quarter to 373,000. Of the total, 70% were
generated through revenue share agreements. The NDC
growth was supported by the FIFA Men ’s World Cup and
continued momentum within Prediction Markets. CPA -
based NDCs increased on a relative basis , driven by
strong commercial momentum within Prediction Mar-
kets in North America, where partner agreements are
structured on a CPA basis.
Value of D eposits reach ed all -
time high
Introduced as an external KPI in Q2 2025, Value of De-
posits (VoD) measures the total amount deposited dur-
ing the quarter by users referred under revenue share
agreements. The KPI provides insight into the level of
activity and deposit value generated acros s Better Col-
lective ’s revenue share databases.
During Q2, VoD reached an all -time high of 836 mEUR,
increasing by 17% year over year and 5% quarter over
quarter. The continued growth reflects strong activity
across the revenue share databases and supports the
ongoing development and maturation of these cus-
tomer cohorts.
For clarity, VoD represents deposits generated within
the quarter and is not a cumulative metric.
200
400
600
800
0
Q1
2020
Q2 Q3 Q4 Q1
2021
Q2 Q3 Q4 Q1
2022
Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q2Q2
NDC development (’000 NDCs)
VoD development (mEUR)
200
400
600
0
Q1
2020
Q2 Q3 Q4 Q1
2021
Q2 Q3 Q4 Q1
2022
Q2 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q2Q3
Q2 report 2026
Page 9
Financial targets
2026 guidance
Guidance for 202 6 is unchanged as follows:
• Organic revenue growth 7 -12%
• EBITDA before special items growth 8 -18%
• Annual share buybacks of 40 mEUR
• Net debt to EBITDA below 3x
202 6 guidance imp lications
The guidance is in constant currencies. Management ex-
pects underlying growth across all business segments.
The FIFA World Cup is tak ing place during the summer
across several of Better Collective’s core markets,
providing a meaningful tailwind to user acquisition, re-
activation, and overall activity levels.
The increase in UK Remote Gaming Duty and regulatory
changes in Brazil are expected to negatively impact
EBITDA before special items by approximately 8 mEUR
in 2026.
The Board of Directors has decided to guide for an an-
nual 40 mEUR share buybacks. Net debt to EBITDA is to
stay below 3x.
2027 -2028 financial targets
• Organic revenue growth
• EBITDA -margin before special items at 35 -40%
• Continued strong cash conversion
• Net debt to EBITDA below 3x
Capital allocation policy
• Reduction of net interest -bearing debt when lev-
erage exceeds 3x net debt/EBITDA level.
• Investments in organic growth initiatives and se-
lective, value -accretive acquisitions.
• Distribution to shareholders, primarily through
share buybacks, secondarily, dividends.
Disclaimer
This report contains certain forward -looking statements
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events.
Such statements or opinions pertaining to the future, for
example , wording like; “believes”, “deems”, “estimates”,
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans , and expecta-
tions with respe ct to the business and management of
Better Collective , future growth, profitability, general
economic and regulatory environment, and other mat-
ters affecting Better Collective.
Forward -looking statements are based on current esti-
mates and assumptions made according to the best of
Better Collective ’s knowledge. These statements are in-
herently associated with both known and unknown risks,
uncertainties, and other factors that could cause the re-
sults, including Better Collective ’s cash flow, financial
condition, and operations, to differ materially from the
results, or fail to meet expectations expressly or implic-
itly, assumed or described in those statements or to turn
out to be les s favorable than the results expressly or im-
plicitly assumed or described in those statements. Bet-
ter Collective can give no assurance regarding the future
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or
targets.
Considering the risks, uncertainties , and assumptions
associated with forward -looking statements, it is possi-
ble that certain future events may not occur. Moreover,
forward -looking estimates derived from third -party
studies may prove to be inaccurate. Actual results, per-
formance or events may differ materially from those in
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in
the markets in which Better Collective operates,
changes affecting interest rate levels, changes affecting
currency exchange rates, changes in competition levels,
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or
revise any for ward -looking statements, whether be-
cause of new information, future events , or otherwise,
except to the extent required by law.
Q2 report 2026
Page 10
Financial highlights and key figures
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Income statements
Revenue
89,120
81,549
175,443
164,140
336,669
Recurring revenue
53,467
52,485
103,608
101,532
206,484
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)
26,977
22,519
52,064
44,524
102,053
Depreciation
1,457
1,750
3,163
3,715
6,864
Operating profit before amortization
and special items (EBITA before special items)
25,520
20,769
48,900
40,809
95,189
Special items, net
- 1,545
- 2,899
- 3,355
- 3,624
- 10,411
Amortization and impairment
9,785
8,019
18,376
16,575
33,807
Operating profit before special items
(EBIT before special items)
15,735
12,750
30,524
24,234
61,382
Result of financial items
- 3,274
- 6,575
- 5,812
- 12,351
- 19,790
Profit after tax
8,227
5,280
15,549
8,919
23,59 1
Earnings per share (in EUR)
0.15
0.09
0.27
0.15
0.41
Diluted earnings per share (in EUR)
0.14
0.08
0.26
0.14
0.39
Balance sheet
Balance Sheet Total
1,106,344
1,085,423
1,106,344
1,085,423
1,074,121
Equity
644,995
641,159
644,99 5
641,159
631,004
Current assets
114,583
103,051
114,583
103,051
100,841
Current liabilities
71,932
61,688
71,932
61,688
62,671
Net interest bearing debt
252,655
250,179
252,655
250,179
258,428
For a definition of financial key figures and ratios, please refer to page 43-44.
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Cash flow
Cash flow from operations before special items
29,912
18,776
55,219
39,418
94,453
Cash flow from operations
29,423
15,001
52,669
33,693
81,595
Investments in tangible assets
- 95
- 30
- 148
- 206
- 347
Cash flow from investment activities
- 9,985
- 4,724
- 18,944
- 18,403
- 34,679
Cash flow from financing activities
- 8,612
- 8,728
- 9,823
- 16,214
- 40,557
Financial ratios
Revenue Growth (%)
9%
-18%
7%
-15%
-9%
Organic Revenue Growth (%)
9%
-19%
7%
-19%
-11%
Organic Revenue Growth in constant currencies
9%
-15 %
9%
-14 %
-7%
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%)
30%
28%
30%
27%
30%
Operating profit margin (%)
16%
12%
15%
13%
15%
Publishing EBITDA before special items margin (%)
29%
26%
29%
27%
32%
Paid media EBITDA before special items margin (%)
26%
26%
25%
24%
24%
Esports EBITDA before special items margin (%)
63%
56%
62%
49%
53%
Net interest bearing debt / EBITDA before special items
2.31
2.49
2.31
2.49
2.53
Cash conversion rate before special items (%)
111%
83%
106%
88%
92%
Average number of full -time employees
1,535
1,682
Value of Deposits (million)
836
715
1,635
1,399
2,945
NDCs (thousand)
373
300
681
616
1,200
Q2 report 2026
Page 11
CEO l etter
Q2 demonstrated the earnings
power of our business
Q2 was a strong quarter for Better Collective. Organic
revenue increased by 9%, while EBITDA before special
items grew by 20% to 27 mEUR and the margin ex-
panded by 2 percentage points to 30%. The result was
delivered despite regulatory headwinds in the UK and
Brazil.
Player activity continues to perform well, anchored by
Value of Deposits reaching all-time high and NDCs
growing nicely , both supported by the FIFA World Cup.
Overall growth was broad -based, with North America
being the core driver. Momentum across revenue share
(+49%), talent -led media, and prediction markets in-
creased North American EBITDA before special items
from 1 mEUR to 6 mEUR, expanding the regional margin
from 5% to 26% and confirming the success of the tran-
sition
Following H1, organic revenue growth was 9% and
EBITDA before special items growth was 14%, both in
constant currencies. This places Better Collective within
its full -year guidance ranges of 7 -12% and 8 -18%, respec-
tively. The full-year guidance is maintained.
Prediction markets continued to contribute positively,
particularly within Publishing, as North American CPA
revenue grew 50% to 5 mEUR. User interest remained
strong, while increasing competition among operators
supported demand for efficient distribution and high -
quality customer acquisition. Although prediction mar-
kets remain an emerging revenue stream, the category
provided a positive contribution during the quarter.
Sponsorship revenue increased by 39%, driven by
strong commercial demand across several of our pre-
mium sports media brands and the continued success of
Playmaker HQ and HLTV. This demonstrates the value of
owning trusted brands and highly engaged sports co m-
munities that are attractive not only to sportsbooks, but
also to a broader range of global consumer brands.
Since acquiring Playmaker HQ in 2023, we have
strengthened its talent network, commercial capabili-
ties, and content formats. During Q2, the business con-
tinued to make strong progress in audience engage-
ment and commercial revenue.
One of the standout moments was the success of The
Roommates Show, hosted by New York Knicks stars
Jalen Brunson and Josh Hart. Following the Knicks’ NBA
championship victory, the show hosted a live event at
the Madison Square Garden complex, selling more than
5,000 tickets in less than 15 minutes. This was a land-
mark moment for the show and a strong illustration of
Q2 report 2026
Page 11
Q2 report 2026
Page 12
the cultural relevance and audience connection that tal-
ent -led media can create.
Talent -led formats provide commercial partners with
access to highly engaged and clearly defined audiences.
We continue to see strong demand from sportsbook
partners and, increasingly, from blue -chip brands out-
side sports betting. This broadens both our cu stomer
base and the range of ways in which we can monetize
our audiences.
Paid Media continued to grow despite the impact of in-
creased UK casino taxation and the developments in
Brazil. Investments are continuously adjusted according
to expected returns, performance, and market condi-
tions, supported by proprietary data and AI mo dels. Our
ability to redirect investment toward the most attractive
opportunities provides flexibility in capital allocation
and remains central to how we manage and scale the
business.
The FIFA World Cup 2026 was naturally a major focus
during the quarter, with the first phase of the tourna-
ment taking place in June. Following more than a year
of preparation across our brands, products, and com-
mercial teams, the tournament generated the h igh ac-
tivity levels we expected, with user acquisition, reacti-
vation, engagement, and sports win margin developing
broadly in line with our assumptions.
During the quarter, we expanded Playbook into Brazil,
representing another step in its development as a global
sports betting product. By simplifying the user journey
and helping users discover and compare relevant bet-
ting opportunities, Playbook is intend ed to improve the
user experience and strengthen the value we deliver to
our commercial partners.
Alongside delivering growth, we continue to improve
how Better Collective operates. During the quarter, we
made further progress in simplifying the organization,
reducing fragmentation, and creating a more scalable
operating model across our House of Brand s. We have
now consolidated our content management systems,
creating a more integrated technology foundation
across our brands. This reduces duplication, improves
our ability to share products and capabilities, and ena-
bles us to scale content and commercia l initiatives more
efficiently across the portfolio.
We are also implementing AI -driven efficiency gains
across content, product development, data analysis, and
selected commercial and support processes. The aim is
to automate repetitive and standardized work, improve
scalability, and allow our people to foc us on areas where
human judgment, creativity, relationships, and strategic
decision -making create the greatest value.
I would like to thank all our employees for their contin-
ued dedication and hard work, with a special thank you
to the many colleagues who worked long hours before
and during the FIFA World Cup. The commitment across
our brands, products, platforms, and commercial teams
was instrumental in ensuring that we were well prepared
for the tournament and able to capture th e high level of
activity it generated.
I would also like to thank our customers and commercial
partners for their trust and collaboration, and our share-
holders and other stakeholders for their continued sup-
port.
Jesper Søgaard
Co -CEO & Co -Founder
Q2 report 2026
Page 13
Business review
and financial
performance
Group
Better Collective delivered a strong Q2, with organic
revenue growth of 9% to 89 mEUR. EBITDA before spe-
cial items increased by 20% to 27 mEUR, while the mar-
gin expanded by 2 percentage points to 30%, demon-
strating the earnings power and scalability of the busi-
ness.
Growth was broad -based across several of Better Col-
lective ’s key strategic priorities.
Recurring revenue increased by 2% to 53 mEUR, sup-
ported by growth in revenue share income, particularly
in Paid Media and North America, despite regulatory
headwinds in the UK and Brazil.
The b road -based growth was anchored by North Amer-
ica as the main engine, where strong momentum in rev-
enue share income (up 49% to 6 mEUR), alongside tal-
ent -led media and prediction markets, lifted the regional
EBITDA margin before special items from 5% to 26% ,
providing further evidence that the North American
transition is delivering
Sponsorship revenue increased by 39%, driven by
strong commercial momentum at Playmaker HQ and
HLTV. Demand from commercial partners seeking ac-
cess to highly engaged sports audiences remains strong,
supporting further growth and continued diversification
of the revenue base.
CPA revenue increased by 11% to 19 mEUR. In North
America, CPA revenue grew by 50% to 5 mEUR, primar-
ily driven by strong momentum within Prediction Mar-
kets as competition intensified.
Better Collective also launched its AI -powered betting
solution, Playbook ™, in Brazil ahead of the FIFA Men ’s
World Cup. Initially available through X, Telegram and
Discord, the launch marks an important step in Play-
book ’s international expansion and strengthens Better
Collecti ves ability to help sportsbook partners engage
and retain high -quality audiences.
Following the strong H1 performance, organic revenue
increased by 9% and EBITDA before special items grew
by 14%, both measured in constant currencies. Full -year
guidance is maintained, with expected revenue growth
of 7 -12% and EBITDA before special items growth of 8 -
18%, both in constant currencies. The targets of 40
mEUR in share buybacks and net debt to EBITDA below
3x are also maintained.
The business generated approximately 11 mEUR of rev-
enue growth during the quarter, primarily driven by tal-
ent -led media, Paid Media, prediction markets and
HLTV.
This growth more than offset:
1. An approximately 2 mEUR negative impact from
the increase in UK Remote Gaming Duty from 21%
to 40%, effective from 1 April.
2. An approximately 2 mEUR negative impact from
regulatory changes in Brazil.
The sports win margin was broadly in line with Q2 2025
and therefore had no material year -over -year impact. As
in the comparative period, the margin remained above
the normalized level, benefiting revenue share income
by approximately 3 mEUR.
Costs increased by 5% to 62 mEUR. Direct costs in-
creased by 3 mEUR, primarily reflecting higher activity
around the World Cup, increased event activity at Play-
maker HQ, and increased investment in Paid Media cam-
paigns. Staff costs declined, while other ext ernal ex-
penses remained broadly unchanged.
Key figures for the group
tEUR
Q2 2026
Q2 2025
Growth
YTD 2026
YTD 2025
Growth
Revenue Share
43,608
41,452
5%
83,126
78,347
6%
CPA
19,489
17,524
11%
40,881
39,025
5%
Subscription
4,222
4,281
-1%
8,553
9,205
-7%
Sponsorships
15,654
11,272
39%
29,871
23,044
30%
CPM
5,639
6,752
-16%
11,930
13,981
-15%
Other
508
268
90%
1,083
538
101%
Revenue
89,120
81,549
9%
175,443
164,140
7%
Cost
62,143
59,031
5%
123,379
119,616
3%
Operating profit before depreciation and amortization
and special items
26,977
22,519
20%
52,064
44,524
17%
EBITDA -Margin before special items
30%
28%
30%
27%
Operating profit before depreciation and amortization
25,432
19,620
30%
48,708
40,900
19%
EBITDA -Margin
29%
24%
28%
25%
Organic Growth
9%
-19%
7%
-19%
Q2 report 2026
Page 14
EBITDA before special items increased by 20% to 27
mEUR, corresponding to an EBITDA before special
items -margin of 30%.
Cash flow from operations before special items was 30
mEUR (Q2 2025: 19 mEUR) with a cash conversion of
111% in Q2 2026.
In line with Better Collective’s capital allocation policy,
the company remains committed to delivering sustaina-
ble shareholder returns while maintaining the financial
flexibility to pursue long -term growth opportunities.
During the period, Better Collecti ve completed 8 mEUR
of share buybacks. The program reflects the Group’s dis-
ciplined approach to capital allocation, balancing invest-
ments in organic growth, strategic business develop-
ment including M&A, and direct shareholder returns.
Better Collective has bank credit facilities for a total of
319 mEUR. By the end of June 2026, capital reserves
stood at 80 mEUR consisting of cash of 25 mEUR and
unused bank credit facilities of 55 mEUR.
Q2 report 2026
Page 14
Q2 report 2026
Page 16
Publishing
Publishing revenue increased by 11% to 58 mEUR in Q2 ,
driven primarily by sponsorship and CPA revenue .
Sponsorship revenue increased by 44% to 12 mEUR,
supported by continued commercial momentum at
Playmaker HQ and growing partner demand for talent -
led formats, premium sports content and access to
highly engaged audiences .
CPA revenue increased by 45% to 5 mEUR, mainly re-
flecting strong customer acquisition demand from pre-
diction market partners in North America.
Revenue share income increased by 3% , driven by the
strong growth in North America.
CPM revenue declined by 15%, or approximately 1 mEUR,
partly reflecting a shift in advertiser budgets toward
sponsorship activations around the NBA Finals and FIFA
World Cup. Subscription revenue was broadly un-
changed.
Publishing costs increased by 6% . EBITDA before special
items increased by 26% to 17 mEUR , and the margin in-
creased from 26% to 29%, reflecting operating leverage
and a favorable revenue mix.
Key figures for the Publishing segment
tEUR
Q2 2026
Q2 2025
Growth
YTD 2026
YTD 2025
Growth
Revenue Share
30,858
29,868
3%
58,292
56,222
4%
CPA
5,315
3,661
45%
10,717
10,858
-1%
Subscription
4,222
4,281
-1%
8,553
9,205
-7%
Sponsorships
12,205
8,483
44%
23,399
17,916
31%
CPM
4,431
5,223
-15%
9,482
10,659
-11%
Other
508
268
90%
1,083
538
101%
Revenue
57,540
51,785
11%
111,526
105,399
6%
Share of Group
65%
64%
64%
64%
Cost
40,679
38,415
6%
79,273
77,306
3%
Share of Group
65%
65%
64%
65%
Operating profit before depreciation and amortization
and special items
16,861
13,370
26%
32,254
28,093
15%
Share of Group
63%
59%
62%
63%
EBITDA -Margin before special items
29%
26%
29%
27%
Operating profit before depreciation and amortization
15,686
11,173
40%
29,623
25,171
18%
EBITDA -Margin
27%
22%
27%
24%
Organic Growth
11%
-24%
6%
-23%
Publishing
The Publishing business generates revenue
from Better Collective’s owned and oper-
ated sports media network and its media
partnerships. The audience mainly comes
from direct traffic and organic search re-
sults .
*Selection of brands (not exhaustive):
Q2 report 2026
Page 17
Publishing continues to pursue the significant opportu-
nities presented by AI, with several initiatives aimed at
improving scalability, content quality, and efficiency.
Key developments in Q2 included:
• Agentic content creation : Launched an end -to-
end agentic content tool that uses multiple AI
agents and brand -specific guidelines to create edi-
torial content at scale. The tool performed well dur-
ing the FIFA World Cup, supporting increased page
views while reducing content product ion costs.
• AI -powered -tipster content : Continued scaling
Better SAID, our AI -powered tipster tool, across
multiple brands. During the FIFA World Cup, hun-
dreds of manually created expert tips were trans-
formed and localized into thousands of unique
pieces of content across our House of Brands, sig-
nificantly increasing scale and efficiency during the
tournament.
Q2 report 2026
Page 17
Q2 report 2026
Page 18
Q2 report 2026
P age 19
Paid Media
Paid Media revenue increased by 6% to 27 mEUR , pri-
marily driven by a 10% increase in revenue share income
as the underlying customer databases continued to ma-
ture.
The business saw positive momentum in key markets
such as the UK and the US, as well as continued expan-
sion in selected emerging geographies to strengthen
market diversification .
Performance was affected by an approximately 2 mEUR
impact from the increase in UK Remote Gaming Duty
from 21% to 40 %, effective from 1 April 2026 , as well as
by regulatory changes in Brazil .
Paid Media continued to advance its data and technol-
ogy capabilities and is preparing to launch a fully inte-
grated, AI -first operating system. The platform is de-
signed to optimize campaigns at a highly granular level,
reduce the risk of human error and aut omate mainte-
nance -intensive tasks. This will enable employees to
dedicate more time to growth initiatives, strategic opti -
mization and value -creating activities.
EBITDA before special items increased by 6% to 7
mEUR, corresponding to an unchanged margin of ap-
proximately 26%.
Key figures for the Paid Media segment
tEUR
Q2 2026
Q2 2025
Growth
YTD 2026
YTD 2025
Growth
Revenue Share
12,357
11,253
10%
23,984
21,549
11%
CPA
14,156
13,856
2%
30,139
28,140
7%
Revenue
26,513
25,109
6%
54,123
49,690
9%
Share of Group
30%
31%
31%
30%
Cost
19,568
18,549
5%
40,413
37,700
7%
Share of Group
31%
31%
33%
32%
Operating profit before depreciation and amortization
and special items
6,945
6,560
6%
13,710
11,990
14%
Share of Group
26%
29%
26%
27%
EBITDA -Margin before special items
26%
26%
25%
24%
Operating profit before depreciation and amortization
6,575
5,858
12%
12,985
11,287
15%
EBITDA -Margin
25%
23%
24%
23%
Organic Growth
6%
-10%
9%
-12%
Paid Media
The Paid Media business involves pur-
chasing advertising on search engines,
social media, and third -party sports me-
dia platforms. Because this requires up-
front payments for advertising on exter-
nal platforms, the gross margin is typi-
cally lower than that of the Publishing
business, due to substantial direct costs,
and may fluctuate with the level of activ-
ity and investments into revenue share
NDCs . However , Paid Media requires sig-
nificantly lower balance sheet invest-
ment and a leaner operating setup, mak-
ing i t a highly asset -light business
model.
Q2 report 2026
P age 21
Esports
Esports revenue increased by 9% to 5 mEUR, supported
by a 24% increase in sponsorship revenue, primarily re-
flecting continued commercial momentum and partner
demand for access to HLTV ’s audience .
CPM revenue declined by 21%, mainly due to lower en-
gagement and advertising monetization at FUTBIN fol-
lowing weaker performance of the current EA SPORTS
FC title. Product, partnership and monetization
initiatives are underway to support renewed engage-
ment and growth.
Costs declined by 8%, resulting in EBITDA before special
items increasing by 23% to 3 mEUR. The margin in-
creased from 56% to 63%, and Esports accounted for
12% of Group EBITDA before special items .
Key figures for the Esports segment
tEUR
Q2 2026
Q2 2025
Growth
YTD 2026
YTD 2025
Growth
Revenue Share
393
331
19%
850
575
48%
CPA
18
7
157%
25
27
-7%
Subscription
0
0
0%
0
0
0%
Sponsorships
3,448
2,788
24%
6,471
5,127
26%
CPM
1,207
1,529
-21%
2,447
3,322
-26%
Other
0
0
0%
0
0
0%
Revenue
5,066
4,655
9%
9,793
9,051
8%
Share of Group
5%
6%
5%
5%
Cost
1,895
2,067
-8%
3,693
4,609
-20%
Share of Group
4%
3%
3%
4%
Operating profit before depreciation and amortization
and special items
3,171
2,588
23%
6,100
4,442
37%
Share of Group
12%
10%
12%
10%
EBITDA -Margin before special items
63%
56%
62%
49%
Operating profit before depreciation and amortization
3,171
2,588
23%
6,100
4,442
37%
EBITDA -Margin
63%
56%
62%
49%
Organic Growth
9%
-11%
9%
-3%
Esports
Reported for the first time as a
stand ‑alone segment in Q2 2025, Es-
ports encompasses Better Collective’s
flagship community platforms HLTV
(Counter ‑Strike) and FUTBIN
(EA Sports FC). The business monetizes
primarily through programmatic and di-
rect advertis ing, sponsorships , and an
emerging layer of premium data prod-
ucts.
Q2 report 2026
P age 22
Financial
performance for the
period
Revenue increased by 9 % to 8 9
mEUR
Revenue increased by 9% to 89 mEUR in Q2 2026, com-
pared with 82 mEUR in Q2 2025. Revenue share income
accounted for 49% of Group revenue, while CPA repre-
sented 22%, sponsorships 18%, CPM 6% and subscrip-
tions 5%.
Costs increased by 5% to 62
mEUR
Total costs increased by 5% to 62 mEUR, below revenue
growth of 9%.
Direct costs increased by 14% to 27 mEUR, compared
with 24 mEUR in Q2 2025 , primarily reflecting higher ac-
tivity around the World Cup, increased event activity at
Playmaker HQ , and increased investment in Paid Media
campaigns .
Staff costs decreased by 2% to 26 mEUR, reflecting the
lower average number of employees. Staff costs in-
cluded share -based payment expenses of 0.1 mEUR,
compared with 1 mEUR in Q2 2025.
Other external expenses were broadly unchanged at 8
mEUR.
Depreciation and amortization increased to 11 mEUR
from 10 mEUR, primarily due to increased amortization
of media partnerships.
Special items
Special items amounted to an expense of 2 mEUR, com-
pared with an expense of 3 mEUR in Q2 2025. The ex-
pense primarily relate s to organizational restructuring
and other costs not considered part of the Group's ordi-
nary operating activities.
Earnings
EBITDA before special items increased by 20% to 27
mEUR, compared with 23 mEUR in Q2 2025. The EBITDA
margin before special items increased by 2 percentage
points to 30%. Including special items, EBITDA in-
creased to 25 mEUR from 20 mEUR.
EBIT before special items increased by 23% to 16 mEUR,
compared with 13 mEUR in Q2 2025. Including special
items, EBIT increased to 14 mEUR from 10 mEUR.
Net financial items
Net financial costs amounted to 3 mEUR, compared with
7 mEUR in Q2 2025. The improvement primarily
reflected a net unrealized foreign exchange gain of 1
mEUR .
Net financial costs also included interest expenses and
fees related to the Group's credit facilities. Financial ex-
penses paid during the quarter amounted to approxi-
mately 3 mEUR .
Income tax
The tax expense amounted to 3 mEUR, corresponding
to an effective tax rate of 25%. The effective tax rate was
primarily affected by unrecognized tax losses and dif-
ferences between tax rates across jurisdictions .
Net profit
Profit after tax increased to 8 mEUR from 5 mEUR in Q2
2025. Earnings per share increased to EUR 0.15 from
EUR 0.09, while diluted earnings per share increased to
EUR 0.14 from EUR 0.08 .
Q2 report 2026
Page 22
Q2 report 2026
P age 23
Equity
Equity increased to 645 mEUR at 30 June 2026 from 631
mEUR at 31 December 2025. The increase primarily re-
flected profit for the period of 16 mEUR and positive
other comprehensive income of 12 mEUR, including cur-
rency translation effects and fair value adju stments of
hedging instruments. Share buybacks reduced equity by
14 mEUR, while share -based payments increased equity
by approximately 1 mEUR.
On 9 January 2026, Better Collective completed a share
capital reduction by cancelling 3,204,020 treasury
shares, corresponding to 5.2% of the company's out-
standing share capital.
Balance sheet
Total assets amounted to 1,106 mEUR at 30 June 2026,
compared with 1,074 mEUR at 31 December 2025. .
Net interest -bearing debt amounted to 253 mEUR, cor-
responding to net interest -bearing debt to EBITDA be-
fore special items of 2.31x .
Cash flow and financing
Cash flow from operations before special items in-
creased to 30 mEUR from 19 mEUR in Q2 2025. Cash
conversion before special items was 111%.
Better Collective has bank credit facilities for a total of
319 mEUR. By the end of June 2026, capital reserves
stood at 80 mEUR consisting of cash of 25 mEUR and
unused bank credit facilities of 55 mEUR.
The parent company
Better Collective A/S is the Group's Parent Company.
Revenue decreased by 10% to 29 mEUR, compared with
32 mEUR in Q2 2025. Total costs, including depreciation
and amortization, increased to 27 mEUR from 26 mEUR.
Operating profit declined to 7 mEUR from 10 mEUR be-
fore special items. Profit after tax increased to 19 mEUR
from a loss of 6 mEUR, primarily due to the development
in net financial items, including foreign exchange move-
ments.
Equity in the Parent Company increased to 689 mEUR
at 30 June 2026 from 669 mEUR at 31 December 2025.
The development primarily reflected profit for the pe-
riod, partly offset by share buybacks .
Q2 report 2026
Page 23
Q2 report 2026
P age 24
Other
Shares and share capital
Better Collective A/S is listed on Nasdaq Stockholm
main market and Nasdaq Copenhagen main market . The
shares are traded under the ticker “BETCO” and “BETCO
DKK” . As per June 30 , 202 6, the share capital amounted
to 587 ,548 .50 EUR, and the total number of issued
shares was 58,754 ,850 . The company has one (1) class
of shares. Each share entitles the holder to one vote at
the general meetings.
Shareholder structure
As of June 30 , 202 6, the total number of shareholders
was 4,999 . A list of shareholders above 5% ownership in
Better Collective A/S can be found on Better Collective ’s
website .
Incentive programs
To attract and retain key competenc ies, the company
has established stock option programs for certain key
employees. All stock options have the right to subscribe
for one ordinary share. If all outstanding long -term in-
centive programs are subscribed, the maximum share-
holders dilution will be approximately 4.41%.
In December 2025, a new long -term incentive program
was announced with up to 750,000 stock options au-
thorized for key employees. Executive grants were is-
sued in Q4 2025, and remaining participant grants were
completed in Q1 2026.
The grants under the long -term incentive program in
202 6 cover 461,012 stock options to 56 key employees
in total, vesting over a 4-year period. The total value of
the combined 202 6 LTI grant program is 3.5 mEUR (cal-
culated Black -Scholes value) .
Risk management
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each
risk is described, including current risk mitigation in
place or planned mitigating actions. The subsequent
analysis of the identified risks includ es an inherent risk
evaluation based on two main parameters: probability
of occurrence and impact on future earnings and cash
flow. Better Collective’s management continuously
monitors risk development in the Better Collective
group. The risk evaluation is presented to the Board of
Directors annually . The board evaluates risk dynamically
to account for this variation in risk impact. The policies
and guidelines in place stipulate how management must
work with risk management.
Better Collective’s compliance with these policies and
guidelines is also monitored by the management on an
ongoing basis. Better Collective seeks to identify and
understand risks and mitigate them accordingly. Also,
Better Collective ’s close and longstanding relationships
with customers allow Better Collective to anticipate and
respond to market movements and new regulations , in-
cluding compliance requirements from authorities and
sportsbooks.
With the continued expansion in North and South Amer-
ica , the overall risk profile of Better Collective has
changed, and compliance as well as financial risk ha ve
increased. Better Collective has mitigated the additional
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for
newly established entities, financial risk through a per-
formance -based valuation of the acquired ent ities, and
organizational risk through establishment of local gov-
ernance, and finan ce, HR, and legal organization dedi-
cated to the North and South American operations.
Other key risk factors are described in the Annual Re-
port 202 5.
Program
Long -term incentive pr ogram s
outstanding June , 202 6
Vesting p eriod
Exercise period
Exercise price
DKK
Exercise price
EUR (rounded)
2021 *
377,372
2022 -2024
2024 -2026
150.41
20.1 7
2022 Options
20,346
2022 -2024
2025 -2027
130.98
17.56
2023 CXO Options
180 ,000
2023 -2025
2026 -2028
142.08
19.05
2023 Options
234,525
2023 -2025
2026 -2028
87.06
11.67
2024 Options
319,331
2024 -2026
2027 -2029
173.87
23.31
2024 PSU
44,282
2024 -2026
2027 -2029
-
-
2025 Options
963,036
2025 -2028
2028 -2030
78.20
10.48
2026 CFO Options
150,000
2025 -202 8
2028 -2030
76.2 0
10.20
2026 Options
422,760
2026 -2029
2029 -2031
76.2 0
10.20
*Key employees and members of executive management
Q2 report 2026
P age 25
V
Contacts
VP of Investor Relations & Comm unications;
Mikkel Munch -Jacobsgaard
investor@bettercollective.com
This information is the type of information that Better
Collective A/S is required to disclose to the public under
the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the
contact person set out above , on 20 August 202 6 after
market close (CET).
About
Better Collective owns global and national sport media,
with a vision to become the leading digital sports media
group. We are on a mission to excite sports fans through
engaging content and foster passionate communities
worldwide. Better Collective's port folio of digital sports
media brands includes : HLTV, FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network, Playmaker HQ,
VegasInsider, Bolavip, and Redgol . Headquartered in
Copenhagen, Denmark, and dual -listed on Nasdaq
Stockholm (BETCO) and Nasdaq Co penhagen (BETCO
DKK).
To learn more about Better Collective please visit
www.bettercollective.com
Q2 report 2026
Page 25
Q2 report 2026
P age 26
Executive M anagement
Executive Vice President
Executive Vice President
Executive Vice President
Board of D irectors
Q2 report 2026
Page 27
Condensed i nterim financial s tatements for the
period
Consolidated income statement
Note
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
3
Revenue
Direct costs related to revenue
Staff costs
Other external expenses
Operating profit before depreciation and amortiza-
tion (EBITDA) and special items
Depreciation
Operating profit before amortization (EBITA) and
special items
6
Amortization and impairment
Operating profit (EBIT) before special items
4
Special items, net
- 1,545
- 2,899
- 3,355
- 3,624
- 10,411
Operating profit
Financial income
Financial expenses
Profit before tax
5
Tax on profit for the period
- 2,004
- 660
Profit for the period
Earnings per share attributable to equity holders of
the company
Earnings per share (in EUR)
Diluted earnings per share (in EUR)
Consolidated statement of other c omprehensive income
Note
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Profit for the period
Other comprehensive income
Other comprehensive income that may be reclassi-
fied to profit or loss in subsequent periods:
Fair value adjustment of hedges for the year
- 611
- 229
- 272
Currency translation to presentation currency
- 12,443
- 15,347
- 19,623
Currency translation of non -current intercompany
loans
- 23,320
- 34,053
- 34,999
Income tax
- 448
- 2,210
Net other comprehensive income/loss
- 30,819
- 42,129
- 46,509
Total comprehensive income/(loss) for the period,
net of tax
- 25,539
- 33,210
- 22,918
Attributable to:
Shareholders of the parent
- 25,539
- 33,210
- 22,918
Q2 report 2026
Page 28
Consolidated statement of financial position
Note
tEUR
Q2 2026
Q2 2025
2025
Assets
Non -current assets
6
Intangible assets
Goodwill
Domains and websites
Accounts and other intangible assets
Total intangible assets
Tangible assets
Right of use assets
Leasehold improvements, Fixtures and fittings, other plant and equipment
Total tangible assets
Other non -current assets
Deposits
Deferred tax asset
Total other non -current assets
Total non -current assets
Current assets
Trade and other receivables
Corporation tax receivable
Prepayments
Cash
Total current assets
Total assets
Note
tEUR
Q2 2026
Q2 2025
2025
Equity and liabilities
Equity
Share Capital
Share Premium
Reserves
- 12,500
- 19,111
- 45,563
Retained Earnings
Total equity
Non -current Liabilities
7
Debt to credit institutions
7
Lease liabilities
7
Deferred tax liabilities
7
Other long -term financial liabilities
Total non -current liabilities
Current Liabilities
Prepayments received from customers and deferred revenue
Trade and other payables
Corporation tax payable
7
Other financial liabilities
7
Lease liabilities
Total current liabilities
Total liabilities
Total Equity and liabilities
Q2 report 2026
Page 29
Consolidated statement of changes in equity
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2026
- 9,991
- 94
- 35,478
Result for the period
Fair value adjustment of
hedges
Currency translation to presen-
tation currency
Currency translation of non -
current intercompany loans
Tax on other
comprehensive income
- 1,987
- 223
- 2,210
Total other
comprehensive income
Total comprehensive
income for the year
Transactions with owners
Capital Decrease
- 32
- 7,964
- 27,482
Acquisition of treasury shares
- 14,393
- 14,393
Disposal of treasury shares
Share based payments
Transaction cost
- 15
- 15
Total transactions with owners
- 32
- 7,964
- 26,624
- 13,535
At June 30, 2026
- 14,393
During the period no dividend was paid.
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2025
- 517
- 20,336
Result for the period
Fair value adjustment of
hedges
- 272
- 272
Currency translation
to presentation currency
- 49,400
- 49,400
Currency translation of non -
current intercompany loans
Tax on other
comprehensive income
Total other
comprehensive income
- 41,917
- 212
- 42,129
Total comprehensive
income for the year
- 41,917
- 212
- 33,210
Transactions with owners
Capital Increase
- 11
- 16
- 20,309
Acquisition of treasury shares
- 13,517
- 13,517
Disposal of treasury shares
Share based payments
Transaction cost
- 14
- 14
Total transactions with owners
- 11
- 16
- 18,464
- 11,560
At June 30, 2025
- 4,976
- 729
- 13,405
During the period no dividend was paid.
Q2 report 2026
Page 30
Consolidated statement of cash flows
Note
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Profit before tax
Adjustment for finance items
Adjustment for special items
Operating Profit for the period before special items
Depreciation and amortization
Other adjustments of non -cash operating items
Cash flow from operations
before changes in working capital and special items
Change in working capital
- 4,674
- 6,497
- 10,295
Cash flow from operations before special items
Special items, cash flow
- 489
- 3,775
- 2,550
- 5,725
- 12,858
Cash flow from operations
Financial income, received
Financial expenses, paid
- 3,472
- 3,244
- 7,304
- 7,091
- 14,673
Cash flow from activities before tax
Income tax paid
- 2,481
- 1,441
- 5,041
- 7,589
- 16,012
Cash flow from operating activities
8
Acquisition of businesses
- 8,410
- 9,691
6
Acquisition of intangible assets
- 9,890
- 4,694
- 18,613
-9,888
- 24,741
Acquisition of tangible assets
- 95
- 30
- 148
- 206
- 347
Acquisition of other financial assets
- 183
Change in other non -current assets
Cash flow from investing activities
- 9,985
- 4,724
- 18,944
- 18,403
- 34,679
Note
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Proceeds from borrowings
Lease liabilities
- 927
- 1,171
- 1,906
- 2,312
- 4,560
Treasury shares
- 7,677
- 7,179
- 14,393
- 13,517
- 35,590
Transaction cost
- 8
- 8
- 15
- 14
- 36
Share based payments, cash settlement
- 371
- 200
- 371
- 371
Cash flow from financing activities
- 8,612
- 8,728
- 9,823
- 16,214
- 40,557
Cash flows for the period
- 3,052
- 15,189
- 24,051
Cash and cash equivalents at beginning
Foreign currency translation of cash and cash
equivalents
- 84
- 27
- 159
- 98
- 129
Cash and cash equivalents period end
Cash and cash equivalents period end
Cash
Cash and cash equivalents period end
Q2 report 2026
Page 31
Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s
vision is to become the leading digital sports media group .
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – June 30 , 202 6, has
been prepared in accordance with IAS 34 “Interim financial reporting ” as adopted by the EU and additional requirements
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included
according to the Danish Executive Order on the Preparation of Interim Financial Reports.
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsid-
iaries.
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec-
tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance
measures (APM s) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to
replace but to complement the perf ormance measures defined under IFRS.
New financial reporting standards
The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1,
202 6. Better Collective expects to adopt the new standards and interpretations when they become mandatory.
None of the standards are expected to have a significant effect on the consolidated financial statements or the parent
financial statements for the financial year 202 6.
IFRS 18 will be effective from the financial year 2027 and replaces IAS 1 Presentation of Financial Statements , requiring
modifications to the financial statement presentation. The k ey modifications required are a new presentation of the income
statement into activities (i.e. operating, investing, financing and tax categories ) introducing new line items , and the disclo-
sure of management -defined performance measures. Additionally, related amendments to IAS 7 Statement of Cash Flows
prescribe a new starting p oint for calculating operating cash flows under the indirect method and eliminate classification
options for interest and dividends.
Management expects that the adoption of IFRS 18 will not impact net profit or impose substantial changes to our founda-
tional accounting policies. The primary effects will be presentation , requiring the reclassification of specific line items within
the income statement and the subsequent redefinition of our key financial performance measures to align with the new
categories.
Accounting policies
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set
out in note 1 of the 202 5 annual report which contains a full description of the accounting policies for Better Collective and
the parent company .
The annual report for 202 5 including full description of the accounting policies can be found on Better Collective’s we bsite :
https://storage.mfn.se/d7de43dc -19a9-46e6 -aec8 -ef5ae6f46d3e/annual -report -2025 -better -collective.pdf .
Signi ficant accounting judgements, estimates and assumptions
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities.
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 5 which
contains a full description of significant accounting judgements, estimates and assumptions.
Q2 report 2026
Page 32
2. Ope rating s egments
Publishing , Paid Media and Esport s
Better Collective operates three distinct business models for customer acquisition , each with unique earnings profiles :
Publishing, Paid Media, and Esport s. Publishing generates revenue from Better Collective’s owned and operated sports
media network and its media partnerships . Paid Media involves purchasing advertising on search engines, social media,
and third -party sports media platforms , thereby operating with a lower gross margin. Esports monetize through adver-
tising and sponsorships .
The performance for ea ch segment is presented in the below tables:
Publishing*
Paid Media
Esport
Group
tEUR
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Revenue Share
30,858
29,868
12,357
11,253
393
331
43,608
41,452
CPA
5,315
3,661
14,156
13,856
18
7
19,489
17,524
Subscription
4,222
4,281
0
0
0
0
4,222
4,281
Sponsorships
12,205
8,483
0
0
3,448
2,788
15,654
11, 272
CPM
4,431
5,223
0
0
1,207
1,529
5,639
6,752
Other
508
268
0
0
0
0
508
268
Revenue
57,540
51,785
26,513
25,109
5,066
4,655
89,1 20
81,549
Cost
40,679
38,415
19,568
18,549
1,895
2,067
62,14 3
59,031
Operating profit before depreciation, amortization
and special items
16,861
13,370
6,945
6,560
3,171
2,588
26,977
22,519
EBITDA -Margin before special items
29%
26%
26%
26%
63%
56%
30%
28%
Special items, net
- 1,175
- 2,197
- 370
- 702
0
0
- 1,545
- 2,899
Operating profit before depreciation and
amortization
15,686
11,173
6,575
5,858
3,171
2,588
25,432
19,620
EBITDA -Margin
27%
22%
25%
23%
63%
56%
29%
24%
Depreciation
1,411
1,700
46
50
0
0
1,457
1,750
Operating profit before amortization
14,276
9,473
6,529
5,808
3,171
2,588
23,975
17,871
EBITA -Margin
25%
18%
25%
23%
63%
56%
27%
22%
*Majority of costs related to support functions are presented under Publishing.
Q2 report 2026
Page 33
2. Operating segments, continued
Publishing*
Paid Media
Esports
Group
tEUR
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
Revenue Share
58,292
56,222
23,984
21,549
850
575
83,126
78,347
CPA
10,717
10,858
30,139
28,140
25
27
40,881
39,025
Subscription
8,553
9,205
0
0
0
0
8,553
9,205
Sponsorships
23,399
17,916
0
1
6,471
5,127
29,871
23,044
CPM
9,482
10,659
0
0
2,447
3,322
11,930
13,981
Other
1,083
538
0
0
0
0
1,083
538
Revenue
111,526
105,399
54,123
49,690
9,793
9,051
175,443
164,140
Cost
79,273
77,306
40,413
37,700
3,693
4,609
123,379
119,616
Operating profit before depreciation, amortization and special
items
32,254
28,093
13,710
11,9 90
6,100
4,442
52,064
44,524
EBITDA -Margin before special items
29%
27%
25%
24%
62%
49%
30%
27%
Special items, net
- 2,630
- 2,922
- 725
- 702
0
0
- 3,355
- 3,624
Operating profit before depreciation and
amortization
29,623
25,171
12,985
11,287
6,100
4,442
48,708
40,900
EBITDA -Margin
27%
24%
24%
23%
62%
49%
28%
25%
Depreciation
3,071
3,614
92
101
0
0
3,163
3,715
Operating profit before amortization
26,552
21,557
12,893
11,186
6,100
4,442
45,546
37,185
EBITA -Margin
24%
20%
24%
23%
62%
49%
26%
23%
*Majority of costs related to support functions are presented under Publishing.
Q2 report 2026
Page 34
2. Operating s egments, continued
Publishing**
Paid Media
Esports
Group
tEUR
2025
2025
2025*
2025
Revenue Share
110,995
45,441
1,048
157,484
CPA
19,950
60,049
41
80,040
Subscription
18,031
0
0
18,031
Sponsorships
36,809
19
11,952
48,781
CPM
24,094
0
6,875
30,969
Other
1,364
0
0
1,364
Revenue
211,243
105,510
19,916
336,669
Cost
144,668
80,504
9,444
234,616
Operating profit before depreciation, amorti-
zation and special items
66,575
25,006
10,472
102,053
EBITDA -Margin before special items
32%
24%
53%
30%
Special items, net
- 10,313
- 98
0
- 10,411
Operating profit before depreciation and
amortization
56,262
24,908
10,472
91,642
EBITDA -Margin
27%
24%
53%
27%
Depreciation
6,669
195
0
6,864
Operating profit before amortization
49,593
24,713
10,472
84,778
EBITA -Margin
23%
23%
53%
25%
* 202 5 figures hav e been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct seg-
ment.
** Majority of costs related to support functions are presented under Publishing .
Q2 report 2026
Page 35
2. Geogra phic s egments
Europe & Rest of World and North America
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored
according to the specific regions or countries and their respective regulations, sports, betting behaviors , user needs, and
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World) and North America ,
measuring and disclosing sepa rately for Revenue, Cost and Earnings.
The performance for each segment is presented in the below tables:
Europe & RoW
North America
Group
tEUR
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Revenue Share
37,348
37,249
6,260
4,203
43,608
41,452
CPA
14,354
14,109
5,136
3,415
19,4 89
17,524
Subscription
1,377
836
2,845
3,445
4,222
4,281
Sponsorships
6,908
6,007
8,746
5,264
15,654
11,272
CPM
4,580
5,218
1,058
1,535
5,639
6,752
Other
339
198
168
70
508
268
Revenue
64,907
63,618
24,214
17,931
89,120
81,549
Cost
44,198
42,076
17,944
16,954
62,142
59,031
Operating profit before depreciation,
amortization and special items
20,709
21,542
6,270
977
26,977
22,519
EBITDA -Margin before special items
32%
34%
26%
5%
30%
28%
Special items, net
- 1,313
- 1,817
- 232
- 1,081
- 1,545
- 2,899
Operating profit before depreciation and
amortization
19,396
19,725
6,037
- 104
25,432
19,620
EBITDA -Margin
30%
31%
25%
-1%
29%
24%
Depreciation
928
866
530
884
1,457
1,750
Operating profit before amortization
18,468
18,859
5,508
- 988
23,976
17,871
EBITA -Margin
29%
30%
23%
-6%
27%
22%
Europe & RoW
North America
Group
tEUR
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
Revenue Share
71,282
70,313
11,844
8,033
83,126
78,347
CPA
30,505
29,138
10,376
9,887
40,881
39,025
Subscription
2,619
1,577
5,934
7,628
8,553
9,205
Sponsorships
12,543
11,394
17,327
11,649
29,871
23,044
CPM
7,778
10,334
4,151
3,647
11,930
13,981
Other
654
405
429
134
1,083
538
Revenue
125,382
123,160
50,062
40,978
175,443
164,140
Cost
87,5 25
83,836
35,854
35,779
123, 379
119,616
Operating profit before depreciation,
amortization and special items
37, 857
39,324
14,208
5,199
52,0 64
44,524
EBITDA -Margin before special items
30%
32%
28%
13%
30%
27%
Special items, net
- 2,628
- 2,170
- 728
- 1,455
- 3,355
- 3,624
Operating profit before depreciation and
amortization
35, 229
37,155
13, 480
3,744
48, 708
40,900
EBITDA -Margin
28%
30%
27%
9%
28%
25%
Depreciation
2,634
2,214
530
1,501
3,163
3,715
Operating profit before amortization
32, 595
34,941
12, 950
2,243
45, 546
37,185
EBITA -Margin
26%
28%
26%
5%
26%
23%
Q2 report 2026
Page 36
2. Geographic segments, continued
Europe & RoW
North America
Group
tEUR
2025
2025
2025
Revenue Share
135,175
22,309
157,484
CPA
59,463
20,577
80,040
Subscription
3,493
14,538
18,031
Sponsorships
23,065
25,716
48,781
CPM
21,227
9,742
30,969
Other
1,110
253
1,364
Revenue
243,534
93,135
336,669
Cost
167,496
67,120
234,616
Operating profit before depreciation,
amortization and special items
76,038
26,015
102,053
EBITDA -Margin before special items
31%
28%
30%
Special items, net
- 7,671
- 2,740
- 10,411
Operating profit
before depreciation and amortization
68,367
23,275
91,642
EBITDA -Margin
28%
25%
27%
Depreciation
5,612
1,252
6,864
Operating profit before amortization
62,755
22,023
84,778
EBITA -Margin
26%
24%
25%
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows:
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Revenue category
Recurring revenue (Revenue share, Subscription, CPM)
53,467
52,485
103,608
101,532
206,484
CPA, Sponsorships
35,144
28,797
70,751
62,069
128,821
Other
508
268
1,083
538
1,364
Total revenue
89,120
81,549
175,443
164,140
336,669
%-split
Recurring revenue
60
64
59
62
62
CPA, Sponsorships
39
36
40
38
38
Other
1
0
1
0
0
Total
100
100
100
100
100
%-split
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Revenue Share
49
51
47
48
47
CPA
22
22
23
24
24
Subscription
5
5
5
6
5
Sponsorships
18
14
17
14
14
CPM
6
8
7
8
9
Other
1
0
1
0
0
Total
100
100
100
100
100
Q2 report 2026
Page 37
4 . Special items
Special items consist of recurring and non -recurring items that management does not consider to be part of Better Col-
lective ’s ordinary operating activities, i.e. acquisition costs, adjustment of earn -out payments related to acquisitions, im-
pairments , disputes , restructuring costs and lease contract termination costs are presented in the Income statement in a
separate line item labelled ‘Special items’. The impact of special items is specified as follows:
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Operating profit
14,190
9,851
27,169
20,610
50,971
Special Items related to:
M&A
-200
- 116
-200
- 344
- 835
Redundancies, restructuring and other non -recurring ex-
penses
- 1,345
- 2,782
- 3,155
- 3,280
- 9,576
Special items, total
- 1,545
- 2,899
- 3,355
- 3,624
- 10,411
Operating profit (EBIT) before special items
15,735
12,750
30,524
24,234
61,382
Amortization and impairment
9,785
8,019
18,376
16,575
33,807
Operating profit before amortization
and special items (EBITA before special items)
25,520
20,769
48,900
40,809
95,189
Depreciation
1,457
1,750
3,163
3,715
6,864
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)
26,977
22,519
52,06 4
44,524
102,053
5. Income tax
Tot al tax for the period is specified as follows:
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Tax for the period
2,689
- 2,004
5,808
- 660
7,590
Tax on other comprehensive income
448
- 5,173
2,210
- 7,543
- 7,571
Total
3,137
- 7,177
8,018
- 8,203
19
Income tax on profit for the period is specified as follows:
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Deferred tax
- 292
- 463
1,973
- 2,900
- 10,058
Current tax
2,983
1,756
3,838
5,539
21,006
Adjustment from prior years
- 1
- 3,296
- 3
- 3,299
- 3,358
Total
2,690
- 2,004
5,808
- 660
7,590
Tax on the profit for the period can be explained as follows:
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Specification for the period:
Calculated 22% tax of the result before tax
2,402
721
4,699
1,817
6,860
Adjustment of the tax rates
in foreign subsidiaries relative to the 22%
333
1,051
- 47
1,100
2,131
Tax effect of:
Special items
117
- 192
185
- 219
160
Other non -taxable income
152
42
- 572
0
- 570
Other non -deductible costs
117
134
357
282
1,212
Unrecognized tax losses carried forward
- 429
- 564
1,190
0
1,155
Reassesment of unrecognized tax losses carried forward
0
- 2,285
0
- 2,726
- 2,285
Adjustment of tax relating to prior periods
- 1
- 911
- 2
- 914
- 1,073
Total
2,69 0
- 2,004
5,809
- 660
7,590
Effective tax rate
24.6%
-61.1%
27.2%
15.8%
24.3%
Q2 report 2026
Page 38
6 . Intangible assets
tEUR
Goodwill
Domains
and
websites
Accounts
and other
intangible
assets*
Total
Cost or valuation
As of January 1, 2026
350,494
520,484
205,318
1,076,296
Additions
0
0
22,043
22,043
Acquisitions through business combinations
0
0
0
0
Transfer
0
0
0
0
Disposals
0
0
0
0
Currency Translation
7,788
8,909
864
17,562
At June 30, 2026
358,282
529,393
228,225
1,115,901
Amortization and impairment
As of January 1, 2026
17,011
0
107,111
124,122
Amortization for the period
0
0
18,524
18,524
Impairment for the period
0
0
0
0
Amortization on disposed assets
0
0
0
0
Currency translation
542
0
453
995
At June 30, 2026
17,553
0
126,088
143,641
Net book value at June 30, 2026
340,729
529,393
102,138
972,26 0
* Accounts and other intangible assets consist of accounts ( 41,685 tEUR), Media Partnerships ( 51,0 69 tEUR) , Development p rojects
(8,186 tEUR) and software and others ( 1,198 tEUR)
tEUR
Goodwill
Domains
and
websites
Accounts
and other
intangible
assets*
Total
Cost or valuation
As of January 1, 2025
380,138
553,886
211,066
1,145,089
Additions
0
0
1,338
1,338
Acquisitions through business combinations
0
0
0
0
Transfer
0
0
0
0
Disposals
0
0
- 10,714
- 10,714
Currency Translation
- 25,967
- 31,324
- 3,432
- 60,722
At June 30, 2025
354,171
522,562
198,258
1,074,991
Amortization and impairment
As of January 1, 2025
19,150
0
93,438
112,588
Amortization for the period
0
0
16,049
16,049
Impairment for the period
0
0
0
0
Amortization on disposed assets
0
0
- 9,671
- 9,671
Currency translation
- 2,085
0
- 15
- 2,100
At June 30, 2025
17,065
0
99,802
116,867
Net book value at June 30, 2025
337,106
522,562
98,455
958,124
* Accounts and other intangible assets consist of accounts ( 54,235 tEUR), Media Partnerships ( 40 ,746 tEUR) , Development projects
(3,210 tEUR) and software and others (26 5 tEUR)
Q2 report 2026
Page 39
7. Non -current liabilities and other current financial liabilities
Debt to credit institutions
As per June 30 , 202 6, Better Collective has drawn 267 mEUR (202 5: 260 ) out of the total committed club facility of 319
mEUR established with Nordea and Nykredit. Better Collective has a total committed facility of 3 19 mEUR and an 80 mEUR
higher accordion option with expiry at the end of October 202 8. Better Collective has entered two hedgin g contract s
regarding the interest rate risk for the period October 202 5 to October 202 8, nominal amount of 550 mDKK each securing
the interest rate at 2. 29 % and 2. 31% re spectively .
Lease liabilities
Non -current and current lease liabilities, of 7 mEUR (202 5: 8 mEUR) and 4 mEUR ( 202 5: 4 mEUR) respectively.
Deferred t ax liabilit ies
Deferred tax liabilit ies as of June 30 , 202 6, amounted to 86 mEUR (202 5: 82 mEUR) . The change from January 1, 202 6,
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred
tax changes in the Parent Company , Better Collective US, Inc and Playmaker Capital .
Deferred t ax asset s
Deferred tax asset s as of June 30, 20 26, amounted to 4 mEUR (202 5: 4 mEUR) .
Other financial liabilities
As per June 30, 202 6, other non -current and current financial liabilities amounted t o 50 mEUR (2025 : 48 mEUR) mainly
due to deferred and variable payments to Media Partnerships .
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the
fair value of the financial assets and liabilities is considered equal to the booked value.
The fair value of financial instrument s is measured base d on level 2. The fair value is measured according to generally
accepted valuation techniques. Market -based input is used to measure the fair value.
8. Note to cash flow statement
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Acquisition of business combinations:
Net Cash outflow
from business combinations at acquisition
0
0
0
0
0
Business Combinations
deferred payments from current period
0
0
0
0
0
Deferred payments
- business combinations from prior periods
0
0
0
- 8,410
- 9,691
Total cash flow from business combinations
0
0
0
- 8,410
- 9,691
Acquisition of intangible assets:
Acquisitions through asset transactions
0
0
- 2,512
0
0
Deferred payments related to acquisition value
0
0
0
0
0
Deferred payments
- acquisitions from prior periods
0
0
0
0
0
Other investments
- 9,890
- 4,694
- 16,101
- 9,888
- 24,741
Total cash flow from intangible assets
- 9,890
- 4,694
- 18,613
- 9,888
- 24,741
Q2 report 2026
Page 40
Financial statements for the period
Income statement – Parent company
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Revenue
28,862
32,057
56,233
52,260
106,732
Other operating income
5,151
4,602
11,072
9,420
21,381
Direct costs related to revenue
4,624
4,242
9,117
8,136
19,179
Staff costs
12,839
12,667
24,706
24,536
48,124
Depreciation
773
790
1,555
1,583
3,153
Other external expenses
6,402
5,610
12,290
11,534
22,922
Operating profit before amortization (EBITA) and special
items
9,375
13,351
19,637
15,892
34,734
Amortization
2,363
3,083
4,675
6,141
11,641
Operating profit (EBIT) before special items
7,012
10,269
14,962
9,750
23,093
Special items, net
- 374
- 598
- 532
- 981
- 2,856
Operating profit
6,638
9,671
14,430
8,769
20,238
Financial income
18,205
10,444
30,249
22,577
33,308
Financial expenses
3,685
32,487
7,856
49,196
65,189
Profit before tax
21,158
- 12,372
36,823
- 17,850
- 11,644
Tax on profit for the period
1,938
- 6,155
5,109
- 9,163
- 6,437
Profit for the period
19,220
- 6,217
31,714
- 8,687
- 5,207
Statement of other comprehensive income
tEUR
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Profit for the period
19,220
- 6,217
31,714
- 8,687
- 5,207
Other comprehensive income
Other comprehensive income that may be
reclassified to profit or loss in subsequent periods:
Fair value adjustment of hedges for the year
- 611
- 229
1,012
- 272
542
Currency translation to presentation
currency
1,596
39
1,187
50
- 699
Income tax
134
51
- 223
60
- 119
Net other comprehensive income/loss
1,119
- 139
1,976
- 162
- 276
Total comprehensive income/(loss) for the period, net of tax
20,339
- 6,356
33,690
- 8,849
- 5,483
Q2 report 2026
Page 41
State ment of financial position – Parent company
tEUR
Q2 2026
Q2 2025
2025
Assets
Non -current assets
Intangible assets
Goodwill
17,761
17,793
17,774
Domains and websites
167,349
167,927
168,023
Accounts and other intangible assets
29,246
39,054
31,248
Total intangible assets
214,356
224,774
217,045
Tangible assets
Right of use assets
4,759
6,755
5,755
Fixtures and fittings, other plant and equipment
1,174
2,319
1,740
Total tangible assets
5,933
9,075
7,495
Financial assets
Investments in subsidiaries
371,759
377,039
370,894
Receivables from subsidiaries
355,104
346,834
346,618
Deposits
1,076
1,003
1,013
Total financial assets
727,939
724,876
718,526
Total non -current assets
948,228
958,725
943,066
Current assets
Trade and other receivables
20,591
17,836
19,604
Receivables from subsidiaries
63,866
45,962
49,245
Tax receivable
4,413
2,740
1,782
Prepayments
2,813
2,759
2,386
Cash
4,222
5,244
242
Total current assets
95,905
74,541
73,259
Total assets
1,044,133
1,033,267
1,016,325
tEUR
Q2 2026
Q2 2025
2025
Equity and liabilities
Equity
Share Capital
588
620
620
Share Premium
461,480
469,444
469,444
Reserves
- 16,234
- 17,108
- 39,295
Retained Earnings
243,356
233,020
238,127
Total equity
689,190
685,978
668,896
Non -current Liabilities
Debt to credit institutions
266,673
258,849
259,946
Lease liabilities
3,001
5,052
4,034
Deferred tax liabilities
14,632
10,575
9,925
Other non -current financial liabilities
22,250
28,721
23,355
Total non -current liabilities
306,556
303,197
297,261
Current Liabilities
Prepayments received from customers and deferred revenue
5,682
5,480
9,170
Trade and other payables
10,353
5,810
5,369
Payables to subsidiaries
25,582
18,322
26,556
Other current financial liabilities
4,727
12,517
7,071
Lease liabilities
2,043
1,963
2,002
Total current liabilities
48,387
44,093
50,168
Total liabilities
354,943
347,289
347,429
Total equity and liabilities
1,044,133
1,033,267
1,016,325
Q2 report 2026
Page 42
S tatement of changes in equity – Parent company
tEUR
Share
capital
Share
premium
Currency
transla -tion
re-serve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As of January 1, 2026
620
469,444
- 3,723
- 94
- 35,478
238,127
668,896
Result for the period
0
0
0
0
0
31,714
31,714
Fair value adjustment of
hedges
0
0
0
1,012
0
0
1,012
Foreign currency translation
0
0
1,187
0
0
0
1,187
Tax on other
comprehensive income
0
0
0
- 223
0
0
- 223
Total other
comprehensive income
0
0
1,187
789
0
0
1,976
Total comprehensive income
for the year
0
0
1,187
789
0
31,714
33,690
Transactions with owners
Capital Decrease
- 32
- 7,964
0
0
35,478
- 27,482
0
Acquisition of treasury shares
0
0
0
0
- 14,393
0
- 14,393
Disposal of treasury shares
0
0
0
0
0
0
0
Share based payments
0
0
0
0
0
1,012
1,012
Transaction cost
0
0
0
0
0
- 15
- 15
Total transactions with owners
- 32
- 7,964
0
0
21,085
- 26,485
- 13,396
At June 30, 2026
588
461,480
- 2,536
695
- 14,393
243,356
689,190
During the period no dividend was pai d.
tEUR
Share
capital
Share
premium
Currency
transla -tion
re-serve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As of January 1, 2025
631
469,460
- 3,024
- 517
- 20,336
260,171
706,387
Result for the period
0
0
0
0
0
- 8,687
- 8,687
Fair value adjustment of
hedges
0
0
0
- 272
0
0
- 272
Foreign currency translation
0
0
50
0
0
0
50
Tax on other
comprehensive income
0
0
0
60
0
0
60
Total other
comprehensive income
0
0
50
- 212
0
0
- 162
Total comprehensive income
for the year
0
0
50
- 212
0
- 8,687
- 8,849
Transactions with owners
Capital Increase
- 11
- 16
0
0
20,336
- 20,309
0
Acquisition of treasury shares
0
0
0
0
- 13,517
0
- 13,517
Disposal of treasury shares
0
0
0
0
112
0
112
Share based payments
0
0
0
0
0
1,859
1,859
Transaction cost
0
0
0
0
0
- 14
- 14
Total transactions with owners
- 11
- 16
0
0
6,931
- 18,464
- 11,560
At June 30, 2025
620
469,444
- 2,974
- 729
- 13,405
233,020
685,978
During the period no dividend was paid.
Q2 report 2026
Page 43
Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined
under IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative
of the group’s historical operat ing results, nor are such measures meant to be predictive of the group’s future results.
The group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating
a company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to
permit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the
group’s business performance is evaluated by the Management. The group bel ieves that the presentation of these
APMs enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its
debt. Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its
operating performance relative to other companies and across periods, and of the group’s ability to service its debt.
However, these APM’s may be calculated differently by other companies and may not be comparable with APM’s with
similarly titled m easures used by other companies. The group’s APMs are not measurements of financial performance
under IFRS and should not be considered as alternatives to other indicators of the Company’s operating performance,
cash flows or any other measures of performa nce derived in accordance with IFRS. The group’s APM’s have important
limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of the
group’s results of operations as reported under IFRS. Our currently applied APM’s are summarized and described
below.
Alternative Performance Measures
Alternative
Performance Measure
Description
SCOPE
Operating profit
before amortization
(EBITA)
Operating profit plus amortizations
Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability
Operating profit
before amortizations
margin (%)
Operating profit before amortizations / reve-
nue
This APM supports the assessment and monitoring
of the Group’s performance and profitability
EBITDA before special
items
EBITDA adjusted for special items
This APM supports the assessment and monitoring
of the Group’s performance as well as profitability
excluding special items that do not stem from ongo-
ing operations, providing a more comparable meas-
ure over time
Alternative
Performance Measure
Description
SCOPE
Operating profit before
amortizations and spe-
cial items margin (%)
Operating profit before amortizations and
special items / revenue
This APM supports the assessment and monitoring
of the Group’s performance as well as profitability
excluding special items that do not stem from ongo-
ing operations, providing a more comparable meas-
ure over time
Special items
Items that are considered not part of ongoing
business
Items that are not part of ongoing business, e.g. cost
related to M&A and restructuring, adjustments of
earn -out payments
Net Debt / EBITDA
before special items
(Interest bearing debt, minus cash and cash
equivalents) / EBITDA before special items
on rolling twelve months basis
This ratio is used to describe the horizon for pay
back of the interest -bearing debt and measures the
leverage of the funding
Cash conversion rate
before special items
(Cash flow from operations before special
items + Cash from CAPEX) / EBITDA before
special items
This APM is reported to illustrate the Group’s ability
to convert profits to cash
NDC
New depositing customers
A key figure to reflect the Group’s ability to fuel
long -term revenue and organic growth
Organic Growth
Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated
from the date of acquisition measured against
the historical baseline performance
Reported to measure the ability to generate growth
from existing business
Recurring revenue
Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g.
if players continue to bet with s portsbooks
with which BC has revenue share agreements,
customers continue current subscriptions or if
BC on a current basis receive revenues from
customers having current marketing agree-
ments in respect of banners, etc. on the
group’s websites. Accordingly , it includes
Revenue share income, CPM /Advertising and
subscription revenues
The group reports this APM to distinguish between
what management consider as recurring revenue
streams and what management consider as non -re-
curring revenue streams, e.g. revenues reflecting
one -time settlements with sportsbooks
Alternative Performance Measures
and Definitions
Q2 report 2026
Page 44
Alternative
Performance Measure
Description
SCOPE
CLV
The Customer Lifetime Value (CLV) shows ex-
pected revenue generated throughout the life-
time of a New Depositing Customer (NDC).
This measure is pivotal for understanding how
much value a NDC is anticipated to bring to
the Group. The prerequisites going into the
CLV are a number of factors such as average
value, average frequency, NDC lifespan and
churn rate.
Average revenue per NDC x NDC lifespan
A key figure to assess the value of NDCs generated
by the Group, providing critical insights into NDC
profitability. It allows the Group to identify the most
valuable segments and optimize marketing strate-
gies accordingly
Value of Deposits (VoD)
The Value of Deposits (VoD) represents the to-
tal amount of deposits by referred users across
partner platforms during the period. VoD rep-
resents deposits generated within the quarter
and is not a cumulative metric
This reflects the Group’s strategic focus on attract-
ing higher -value customers for our partners
Definitions
Term
Description
PPC
Pay -Per -Click
SEO
Search Engine Optimization
Sports win margin
Sports net player winnings (sportsbooks) / sports wagering
Sports wagering
The value of bets placed by the players
Recurring revenue
Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue
share income, CPM/Advertising and subscription revenues
Board
The Board of Directors of the company
Executive management
Executives that are registered with the Danish Company register
Company
Better Collective A/S, a company registered under the laws of Denmark
